Neumora Therapeutics Reports $53.5 Million Net Loss in Q1 2026, Decreases Operating Expenses

Neumora Therapeutics, Inc. reported a net loss of $53.5 million for the first quarter of 2026, a decrease from a net loss of $68.0 million in the same period of the previous year. The company's total operating expenses for the quarter were $52.9 million, down from $70.9 million in the first quarter of 2025, reflecting a 26% reduction in research and development costs, which fell to $38.6 million from $52.2 million. General and administrative expenses also decreased by 24% to $14.3 million, primarily due to lower personnel-related costs and reduced stock-based compensation expenses.

As of March 31, 2026, Neumora's cash and cash equivalents stood at $147.1 million, a decline from $182.5 million at the end of 2025. The company’s total assets decreased to $153.9 million from $191.0 million, while total liabilities also saw a reduction, falling to $83.2 million from $87.2 million. The accumulated deficit increased to $1.24 billion, up from $1.18 billion at the end of the previous fiscal year. The decrease in cash was attributed to ongoing operational expenses, with net cash used in operating activities amounting to $46.4 million for the quarter.

Strategically, Neumora is advancing its clinical pipeline, which includes a Phase 3 program for navacaprant, a treatment for major depressive disorder, and NMRA-511, aimed at treating agitation associated with Alzheimer’s disease. The company is also conducting a Phase 1 study for NMRA-898, a potential treatment for schizophrenia. Neumora has not yet generated revenue from product sales, as it continues to focus on research and development efforts.

In terms of financing, Neumora raised $10.9 million through at-the-market equity offerings during the first quarter of 2026. The company has a loan agreement with K2 HealthVentures, which provides up to $125 million in term loans, of which $60 million has been drawn. The company anticipates needing additional capital to support its ongoing operations and product development, as it expects to incur further losses in the future. Neumora's management believes that its existing cash and cash equivalents will be sufficient to fund operations for at least the next 12 months, but acknowledges the need for future financing to continue its long-term business plan.